typically, you clone a track, and hard pan it opposite of the original..
and slide as far as you need to get the appropriate delay effect...
but i use stereo delays (waves supertap) to do this, and turn off one side, and simply pan the effect wherever i want.
typically, i want the delay panned straight up, so i use a mono delay, and pan the original wherever it needs to be in the mix.
i mean, you can clown-phuck it to death, and in the end, it mostly sounds watered down.